In the wake of the government strategy to push digital transactions, mobile phone-based payments are becoming an important means of transactions. But this could attract hackers and fraudsters that seek to exploit the systems.

NPCI, the umbrella organisation of payments in India, wants to build new security standards for mobile payments to prevent any major loss of public money, a top official said.

“Like PCI DSS is fully enforced in the payments space, in the mobile based payments space nothing of that sort exists which can be a standardised security protection,“ said AP Hota, managing director at NPCI.

“We are attempting to develop this framework as an initiative from our side,“ he said.